BUISENESS MANAGEMENT
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Forecast material requirements based on past usage data
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Forecasting based on material usage information from material lifetime data
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Forecasting based on data from the Central Bureau of Statistics (BPS)
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Forecasting of predicted needs based on operational demand
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Detailed explanation-1: -Forecasting – These are analyses applying statistics to historical data to project what could happen in the future.
Detailed explanation-2: -Regression-based models Autoregression is a forecasting model that uses observations from previous time steps to define a mathematical relationship between two data points. It then uses the mathematical relationship to estimate an unknown future value.
Detailed explanation-3: -Examples of qualitative forecasting methods are informed opinion and judgment, the Delphi method, market research, and historical life-cycle analogy. Quantitative forecasting models are used to forecast future data as a function of past data.
Detailed explanation-4: -Backtesting involves applying a strategy or predictive model to historical data to determine its accuracy. It allows traders to test trading strategies without the need to risk capital.